1.2       Lessee acknowledges and agrees that Lessor may lease the Aircraft to other lessees that may, during the periods of their possession, operate the Aircraft under Part 91 of the Federal Aviation Regulations (“**FARs**”).  Lessee shall only have operational control of and responsibility for the Aircraft during Lessee’s periods of possession.   At all other times, Lessor or other lessees, as applicable, shall have responsibility for and control of the Aircraft, and during all periods when the Aircraft is in the possession of other lessee(s), such other lessee(s) shall have operational control of and responsibility for the Aircraft, to the exclusion of Lessee.


 


**SECTION 2.  TERM; PAYMENTS**


 


2.1       **Term**.  This Agreement shall commence on the date of execution of this Agreement and shall continue for a period of one (1) year.  The term of the Agreement shall be renewed automatically thereafter for additional one (1) year terms, until terminated as set forth below.  The initial term and any extension thereof shall be collectively referred to as “**Term**”.  Notwithstanding anything to the contrary in this Section 2.1, in the event of a breach by either party of its obligations hereunder, the other party may terminate this Agreement upon five (5) days written notice (or immediately upon notice in the event the insurance required herein is not in full force and effect at any time during the Term).  This Agreement also may be terminated by either party without cause upon thirty (30) days prior written notice to the other party.